Last checked at 8 Nov 2023 07:00
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
8 November 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Wressle Production Resumes - PEDL180/182
Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that the W1 well at the onshore UK Wressle oilfield has resumed production. The jet pump and the associated surface equipment is operating as expected and since production resumed the W1 well has produced at gross rates of over 950 bbls of oil per day ("bopd"), compared to approximately 750 bopd prior to the jet pump.
The well is now on continuous 24-hour production and is expected to continue to clean up over the course of the coming days. Once stabilised production is achieved a further announcement will be made.
Europa holds a 30% economic interest in PEDL180/182.
Will Holland, Chief Executive Officer of Europa, said:
"We are pleased that the oil production has resumed at Wressle and that the W1 well is once more producing at impressive rates. The work has been completed safely and without incident and I look forward to updating the market again once stable production has been achieved."
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For further information, please visit www.europaoil.com or contact:
William Holland | Europa Oil & Gas (Holdings) plc | mail@europaoil.com |
James Dance / James Spinney | Strand Hanson Limited - Nominated & Financial Adviser | +44 (0) 20 7409 3494 |
Peter Krens | Tennyson Securities | +44 (0) 20 7186 9033 |
Patrick d'Ancona / Finlay Thomson / Kendall Hill | Vigo Consulting | + 44 (0) 20 7390 0230 |
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. Average net production for the financial year ending 31 July 2023 was 265 bopd. The Company took over operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which Europa holds a 40% interest and contains an estimated 192 billion cubic feet ("BCF") of gas in place. In April 2022, Europa farmed into P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of the North Sea. The licence contains the 2019 Serenity oil discovery, in which Europa has a 25% interest. The Company holds one exploration licence offshore Ireland, which has two principal prospects, the largest of which has the potential to host gross mean un-risked prospective resources of 1.5 trillion cubic feet ("TCF") gas. Inishkea West is a near field gas prospect in the Slyne Basin which the Company classifies as lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure.